EXHIBIT 12.1
BOSTON PROPERTIES LIMITED PARTNERSHIP
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DISTRIBUTIONS
Boston Properties Limited Partnership’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred distributions for the nine months ended September 30, 2013 and the five years ended December 31, 2012 were as follows:
| Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
Income from continuing operations before income (loss) from unconsolidated joint ventures | $ | 177,847 | $ | 253,327 | $ | 234,272 | $ | 157,600 | $ | 257,599 | $ | 287,909 | ||||||||||||
Gains on sales of real estate | — | — | — | 2,734 | 11,760 | 33,340 | ||||||||||||||||||
Amortization of interest capitalized | 4,099 | 5,278 | 4,188 | 2,660 | 2,498 | 2,315 | ||||||||||||||||||
Distributions from unconsolidated joint ventures | 14,607 | 20,565 | 22,451 | 10,733 | 6,676 | 5,988 | ||||||||||||||||||
Fixed charges (see below) | 381,008 | 465,586 | 446,633 | 419,881 | 372,465 | 341,203 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest capitalized | (50,252 | ) | (44,278 | ) | (48,178 | ) | (40,981 | ) | (48,816 | ) | (46,286 | ) | ||||||||||||
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Total earnings | $ | 527,309 | $ | 700,478 | $ | 659,366 | $ | 552,627 | $ | 602,182 | $ | 624,469 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expensed | $ | 325,746 | $ | 413,564 | $ | 394,131 | $ | 378,079 | $ | 322,833 | $ | 294,126 | ||||||||||||
Interest capitalized | 50,252 | 44,278 | 48,178 | 40,981 | 48,816 | 46,286 | ||||||||||||||||||
Portion of rental expense representative of the interest factor | 5,010 | 7,744 | 4,324 | 821 | 816 | 791 | ||||||||||||||||||
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Total fixed charges | $ | 381,008 | $ | 465,586 | $ | 446,633 | $ | 419,881 | $ | 372,465 | $ | 341,203 | ||||||||||||
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Preferred distributions | 8,796 | 3,497 | 3,339 | 3,343 | 3,594 | 4,226 | ||||||||||||||||||
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Total combined fixed charges and preferred distributions | $ | 389,804 | $ | 469,083 | $ | 449,972 | $ | 423,224 | $ | 376,059 | $ | 345,429 | ||||||||||||
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Ratio of earnings to fixed charges | 1.38 | 1.50 | 1.48 | 1.32 | 1.62 | 1.83 | ||||||||||||||||||
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Ratio of earnings to combined fixed charges and preferred distributions | 1.35 | 1.49 | 1.47 | 1.31 | 1.60 | 1.81 | ||||||||||||||||||
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